eprintid: 10438
rev_number: 37
eprint_status: archive
userid: 1
dir: disk0/00/01/04/38
datestamp: 2010-02-10 16:33:35
lastmod: 2016-01-09 03:31:18
status_changed: 2012-08-15 08:52:21
type: workingPaper
metadata_visibility: show
creators_name: Irmen, Andreas
title: Steady-State Growth and the Elasticity of Substitution
ispublished: pub
subjects: ddc-330
divisions: i-181000
keywords: Capital Accumulation , Elasticity of Substitution , Direction of Technical Change , Neoclassical Growth Model
abstract: In a neoclassical economy with endogenous capital- and labor-augmenting technical change the steady-state growth rate of output per worker is shown to increase in the elasticity of substitution between capital and labor. This confirms the assessment of Klump and de La Grandville (2000) that the elasticity of substitution is a powerful engine of economic growth. However, unlike their findings my result applies to the steady-state growth rate. Moreover, it does not hinge on particular assumptions on how aggregate savings come about. It holds for any household sector allowing savings to grow at the same rate as aggregate output.
abstract_translated_lang: eng
date: 2010
date_type: published
id_scheme: DOI
id_number: 10.11588/heidok.00010438
schriftenreihe_cluster_id: sr-3
schriftenreihe_order: 0496
ppn_swb: 1648900895
own_urn: urn:nbn:de:bsz:16-opus-104381
language: eng
bibsort: IRMENANDRESTEADYSTAT2010
full_text_status: public
citation:   Irmen, Andreas  (2010) Steady-State Growth and the Elasticity of Substitution.  [Working paper]     
document_url: https://archiv.ub.uni-heidelberg.de/volltextserver/10438/1/Irmen_2010_dp496.pdf